The annual 50 top brands in Nigeria, where companies have a feel of an independent opinion, a sort of a report card on their brand’s performance from the consumer’s view has just been released. This was made public at a well-attended public presentation yesterday at the Eko Atlantic City, in Lagos.
Presenting the details about the research work which led to the 50 top brands, Taiwo Oluboyede, CEO of TOP 50 BRANDS NIGERIA explained that they used a model that tests a brand’s ability to deliver on its responsibility to the consumer, from the consumer’s point of view, called Brand Strength Measurement, BSM.
Brands weather from google or not were tested on their popularity in a Top on the Mind survey, where respondents were made to mention names of 10 brands that easily come to their mind or they could recall, which also indicates affinity.
Other variables in the model test brand Quality, Innovation, Online engagement, National spread, Corporate social responsibility… all these are aggregated into the model and the resultant outcome separates the top brands. The model he said in a way also measures weakness.
Oluboyede in his presentation said ‘These are brands that have succeeded in delivering their promises to the consumers. They are fast growing in value and they are the drivers of our nation’s economy. Brand, as it has been described variously, is a promise of value to the consumer. Brands that will stand the test of time, earning equity and become profitable for the owners are those that identify needs and meet them. Their promise to the consumer is a proposition of solution to a problem. The effect of living these promises is the increasing brand equity and continuous sustainability of the companies. It is not just enough to make a promise, it has to be effectively communicated to the consumers’
He said ‘The top brands this year are those that have been able to analyse identified needs, see opportunities by creating solutions to them and communicate same to the consumers. They have also become so good at it that the consumers often refer to them with the name of the need they meet, that is their product/service. These brands have found how to deliver something special, often times, doing ordinary things in extraordinary ways. This is a winning habit’.
He further emphasized the need for brand owners and managers to understand the sounds of time as things have changed to experiential and speed of delivery is of essence ‘Today’s marketing world in many ways have gradually shifted to experiential. A brand can call itself any name or make any promise. The real identity of the brand in the mind of the consumer, is how the consumer experiences the brand’
He said ‘Everything is about the consumers. They are even more aware of this important status now than ever and they are poise to make companies understand they ‘know’. The scary part is, they also have the ‘quick’ media’
Emphasising the value of brand, which has now been described as more valuable than tangible assets, he said ‘From a financial point of view, a company’s brand can be worth dozens of times its book value. Though intangible, it is often the determinant of the sustainability of a business. This fact makes brand management indispensable.
So, in managing a brand, we certainly cannot ignore measurements and benchmarking. That is why top corporate organisations now spend enormous portion of their budget on building their brands and ensuring that value propositions are really delivered’
- On the overall, Dangote Group, a proudly Nigerian brand topped the list from its second place last year with a record BSM point of 87.4, ahead of MTN Nigeria who came second at 80.8 points. at the third place is Globacom who appreciated 4 places from 2017 ranking to emerge on the third position with 77.9 points.
- Others within the top 10 in the 50 table are Brands like GTBank, Coca-Cola, First Bank, Unilever, UBA, Zenith Bank, Dufil Prima with 77.59, 73.18, 69.2, 67.5, 66, 65.9, and 65.1 BSM points respectively.
- 23 of the 50 brands this year are Nigerians.
- Promasidor Nigeria emerged the highest gainer jumping 15 places to emerge on the 25th position, this is followed by Olam, BUA Group and 9 Mobile who appreciated 12 places respectively.
- Fidelity Bank made a first entry into the annual top 50 ratings this year on the 36th
- Stallion Group also made a return into the annual ranking.
- The Banking and Financial Services category again took the lead with 11 brands.
- Apart from the 50 top brands, there is also a category of brands to watch.
- These he explained are upcoming brands with lots of excitements and promises.
- The 10 brands to watch 2018 are:
- Andela, Ajeast, Coronation Merchant Bank, Daraju Industries, Eko Atlantic City, Konga, Masters Energy, Slot Limited, Payporte, Mall for Africa.
- 7 of the 10 brands to watch are Nigerian.
In his remark after the presentation, Mr. Olufemi Awoyemi praised the organisers, describing the methodology as impressive with consideration for important factors. He said ‘I believe in God, after that, it’s data’ He went further that the reasons awards don’t last in Nigeria is because most don’t have structure and proper research. But this is not an award, but a research work’.
#IAMBRANDNIGERIA Activities announced.
The organisers also used the opportunity to present the #IAMBRANDNIGERIA activities. An initiative aimed at creating a better narrative for the Nigeria brand from point of view of the tenacity and resilience of many Nigerians which made them achieve success against all odds. Activities in the campaign starts with an art contest; painting, sketches, photos, graphic designs, poems etc. These are posted on social media with #IAMBRANDNIGERIA and the top 3 with the highest volume of engagements winning cash prizes- 500k, 200k and 100k respectively.
Activities will be concluded at an Award/gala where those who have become value addition to the Nigeria brand will be specially recognised and celebrated come October 2018 at the Eko hotel & Suites.
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